United Therapeutics Corporation
- Open
- 542.65
- Day high
- 544.42
- Day low
- 536.93
- Prev close
- 541.83
- Volume
- 42K
- Mkt cap
- $23.1B
- P/E (TTM)
- 18.6
- EPS (TTM)
- $29.00
- P/B
- 3.9
- P/S
- 7.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$95.9M over the last 3 months (0 open-market buys, 181 sales)
- 🏛Institutions accumulating (13F)
United Therapeutics Corporation (UTHR) is a Healthcare company listed on NASDAQ. The stock is up 91% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 181 sales (SEC Form 4).
United Therapeutics Corporation (UTHR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
UTHR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $7.00 | $5.82 | -16.9% | $782M | -2.0% |
| Feb 25, 2026 | $6.78 | $7.70 | +13.6% | $790M | -0.6% |
| Oct 29, 2025 | $6.89 | $7.16 | +3.9% | $800M | -1.9% |
| Jul 30, 2025 | $7.29 | $6.41 | -12.1% | $799M | -0.4% |
| Apr 30, 2025 | $6.29 | $6.63 | +5.4% | $794M | +2.0% |
| Feb 26, 2025 | $6.40 | $6.19 | -3.3% | $736M | +0.2% |
| Oct 30, 2024 | $6.43 | $6.39 | -0.6% | $749M | +3.6% |
| Jul 31, 2024 | $6.40 | $5.85 | -8.6% | $715M | +3.3% |
| May 1, 2024 | $5.65 | $6.17 | +9.2% | $678M | +8.6% |
| Feb 21, 2024 | $4.19 | $4.36 | +4.1% | $615M | +6.7% |
| Nov 1, 2023 | $5.04 | $5.38 | +6.7% | $609M | +3.7% |
| Aug 2, 2023 | $4.51 | $5.24 | +16.2% | $597M | +13.8% |
UTHR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 25, 2026 | ROTHBLATT MARTINE Adirector, officer: Chairperson & CEO | Sell | 1,357 | $550.06 |
| Jun 25, 2026 | ROTHBLATT MARTINE Adirector, officer: Chairperson & CEO | Sell | 1,003 | $551.03 |
| Jun 25, 2026 | ROTHBLATT MARTINE Adirector, officer: Chairperson & CEO | Sell | 1,300 | $548.74 |
| Jun 25, 2026 | ROTHBLATT MARTINE Adirector, officer: Chairperson & CEO | Sell | 400 | $553.24 |
| Jun 25, 2026 | ROTHBLATT MARTINE Adirector, officer: Chairperson & CEO | Option | 9,500 | $135.42 |
| Jun 25, 2026 | ROTHBLATT MARTINE Adirector, officer: Chairperson & CEO | Sell | 360 | $551.76 |
| Jun 25, 2026 | ROTHBLATT MARTINE Adirector, officer: Chairperson & CEO | Sell | 2,234 | $547.03 |
| Jun 25, 2026 | ROTHBLATT MARTINE Adirector, officer: Chairperson & CEO | Sell | 760 | $545.93 |
| Jun 25, 2026 | ROTHBLATT MARTINE Adirector, officer: Chairperson & CEO | Sell | 2,086 | $548.01 |
| Jun 24, 2026 | ROTHBLATT MARTINE Adirector, officer: Chairperson & CEO | Sell | 232 | $534.09 |
| Jun 24, 2026 | ROTHBLATT MARTINE Adirector, officer: Chairperson & CEO | Sell | 3,407 | $545.19 |
| Jun 24, 2026 | ROTHBLATT MARTINE Adirector, officer: Chairperson & CEO | Sell | 1,444 | $542.13 |
| Jun 24, 2026 | ROTHBLATT MARTINE Adirector, officer: Chairperson & CEO | Option | 9,500 | $135.42 |
| Jun 24, 2026 | ROTHBLATT MARTINE Adirector, officer: Chairperson & CEO | Sell | 2,671 | $539.18 |
| Jun 24, 2026 | ROTHBLATT MARTINE Adirector, officer: Chairperson & CEO | Sell | 995 | $534.94 |
Source: UTHR SEC Form 4 filings, latest Jun 25, 2026. For informational purposes only — not investment advice.
See the full UTHR insider & 13F page →United Therapeutics Corporation company profile
Overview
United Therapeutics Corporation (NASDAQ:UTHR) is a biotechnology company founded in 1996 and headquartered in Silver Spring, Maryland. The company went public in 1999 and has evolved from a small biotech startup into a leading developer and commercializer of therapies for rare and life-threatening diseases. United Therapeutics specializes primarily in treatments for pulmonary arterial hypertension and related cardiovascular conditions, while also developing groundbreaking organ manufacturing technologies including xenotransplantation. The company has built a strong commercial foundation with multiple approved therapies generating nearly $3 billion in annual revenue, while simultaneously investing in revolutionary approaches to address organ shortage through bioengineered solutions.
Business
United Therapeutics operates in the specialized biotechnology sector, focusing on rare disease therapeutics and organ manufacturing technologies. The company's business is structured around three strategic waves of development. The Foundation Wave represents the company's current commercial portfolio, centered on treatments for pulmonary arterial hypertension (PAH) and related conditions. PAH is a rare, progressive disease where blood pressure in the pulmonary arteries becomes dangerously elevated, making it difficult for the heart to pump blood through the lungs. Without treatment, patients typically survive only 2-3 years after diagnosis. The company's core products include: 1. Tyvaso - An inhaled formulation of the drug treprostinil that patients inhale four times daily to dilate pulmonary blood vessels. Available in both nebulized and dry powder inhaler (DPI) forms, Tyvaso represents approximately 55% of total revenue. 2. Remodulin - A continuous intravenous or subcutaneous infusion of treprostinil for severe PAH patients, accounting for roughly 18% of revenue. 3. Orenitram - An oral tablet form of treprostinil that patients take three times daily, representing about 15% of revenue. 4. Unituxin - A monoclonal antibody treatment for high-risk neuroblastoma, a rare childhood cancer, contributing approximately 8% of revenue. The Innovation Wave encompasses next-generation products and expanded indications for existing therapies. Key programs include Ralinepag, a once-daily oral PAH treatment in Phase III trials, and TETON studies evaluating Tyvaso for idiopathic pulmonary fibrosis, a fatal lung scarring disease affecting over 100,000 Americans. The Revolution Wave represents the company's most ambitious initiative: developing manufactured organs to address the critical shortage of transplantable organs. This includes xenotransplantation (using genetically modified pig organs), 3D bioprinting, and regenerative medicine approaches to create kidneys, hearts, lungs, and livers for human transplantation.
Revenue model
United Therapeutics generates revenue primarily through product sales of its approved therapies to specialty pharmacies and healthcare providers. The company operates under a traditional pharmaceutical business model where it develops, manufactures, and commercializes proprietary drugs for rare diseases. The primary revenue drivers are sales of treprostinil-based therapies (Tyvaso, Remodulin, Orenitram) to patients with PAH and pulmonary hypertension associated with interstitial lung disease. These are chronic conditions requiring lifelong treatment, creating a recurring revenue stream. Patients typically remain on therapy for years, with average annual treatment costs ranging from $100,000 to $300,000 per patient depending on the specific product and dosing requirements. The company's customers are primarily specialty pharmacies that distribute these complex therapies to patients, along with hospitals and healthcare providers. The treatments require specialized handling, patient training, and ongoing support services, which creates barriers to entry but also justifies premium pricing. Several factors influence the company's margins and growth trajectory. Positive margin drivers include the rare disease premium pricing environment, patent protection on key products, expanding patient populations as awareness increases, and operational leverage as the company scales manufacturing. The recent Medicare Part D redesign has also provided modest benefits by reducing patient out-of-pocket costs. Margin pressures come from increasing competition in PAH treatments, potential generic competition as patents expire, regulatory pricing pressures, and the high costs of developing organ manufacturing technologies. Manufacturing complexity for inhaled therapies and the need for specialized delivery devices also create cost pressures. Additionally, the company faces the challenge of transitioning from a rare disease specialty company to a broader organ manufacturing business, which requires substantial capital investment in new facilities and technologies.
Competitive moat
United Therapeutics has built a moderately strong moat in the PAH treatment market through several key advantages, though this moat faces emerging challenges. The company's primary competitive advantages include deep clinical expertise in PAH and pulmonary hypertension, with decades of experience in developing and commercializing treprostinil-based therapies. This expertise creates significant barriers for new entrants who must navigate complex regulatory pathways and demonstrate safety and efficacy in small patient populations. The company has also established strong relationships with the limited number of pulmonary hypertension specialists worldwide, creating switching costs for both physicians and patients. Patent protection provides temporary moats for individual products, though this protection is time-limited. The company has successfully extended product lifecycles through new formulations (Tyvaso DPI) and new indications (pulmonary hypertension associated with interstitial lung disease), demonstrating some innovation-driven defensibility. The specialized manufacturing and distribution requirements for these therapies create additional barriers. Tyvaso requires specialized inhalation devices, Remodulin needs continuous infusion pumps, and all products require extensive patient support services and specialty pharmacy networks. However, the moat is under pressure from increasing competition. New entrants like sotatercept (Winrevair) from Merck represent different mechanisms of action that could capture market share. Generic competition looms as patents expire, and the overall PAH market is attracting more pharmaceutical companies due to its attractive economics. The company's organ manufacturing initiative represents a potential future moat if successful, as it would create an entirely new market category with massive barriers to entry. However, this remains highly speculative and faces significant technical, regulatory, and ethical challenges. The xenotransplantation field is nascent, and success is far from guaranteed despite the company's substantial investments.
Risks & safety
United Therapeutics demonstrates a strong margin of safety with excellent financial health and reasonable valuation metrics. Financial Strength: - Cash and short-term investments of $1.9 billion provide substantial liquidity buffer - Strong free cash flow generation of $386 million in Q1 2025, with consistent positive operating cash flows - Minimal debt burden with debt-to-equity ratio of only 0.03 - Current ratio of 5.46 indicates excellent short-term liquidity - No meaningful solvency risk given strong balance sheet and cash generation Valuation Metrics: - Price-to-earnings ratio of 10.7 appears reasonable for a profitable biotech company - EV/EBITDA of 7.9 suggests moderate valuation relative to cash flow generation - Price-to-book ratio of 2.0 is reasonable given the company's intangible assets and growth prospects Other Considerations: - Consistent revenue growth trajectory with 17% growth in Q1 2025 - Diversified product portfolio reduces single-product risk - Strong return on equity of 18.5% demonstrates efficient capital allocation - Substantial R&D investment (~$200-300 million annually) supports future growth while maintaining profitability
Recent development
Over the past few years, United Therapeutics has executed a comprehensive strategy to expand beyond its core PAH business while strengthening its existing commercial foundation. The company has significantly expanded its Tyvaso franchise through the successful launch of Tyvaso DPI, which now accounts for approximately two-thirds of new patient starts. This dry powder inhaler offers improved convenience over the traditional nebulizer, driving market share gains and supporting the 33% growth in Tyvaso revenue during 2024. Pipeline advancement has been substantial, with five registration-phase studies currently underway. The TETON studies evaluating Tyvaso in idiopathic pulmonary fibrosis represent a major expansion opportunity, with top-line data expected in the second half of 2025. The Ralinepag program for once-daily PAH treatment continues in Phase III trials, with results expected in 2026. The most transformative development has been the organ manufacturing initiative. The company received FDA clearance for its first xenotransplantation clinical trial (UKidney) and expects to transplant the first patient in mid-2025. This represents a potential paradigm shift from rare disease therapeutics to addressing the massive organ shortage affecting hundreds of thousands of patients. The company has invested heavily in specialized manufacturing facilities, including a clinical-scale designated pathogen-free facility for producing genetically modified pig organs. Capital allocation has been disciplined, with the company completing a $1 billion share repurchase program in 2024 while simultaneously investing in manufacturing capacity and R&D. The company has also made strategic acquisitions, including IVVA and MirrorMatrix, to support its organ manufacturing capabilities. Commercial execution has remained strong, with the company expanding its sales force to address the growing interstitial lung disease market and successfully navigating competitive pressures from new PAH treatments like sotatercept.
UTHR company profile · for informational purposes only — not investment advice.
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